TMI Blog1993 (6) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... e of such lands was treated as taxable income. The first transaction was in respect of Survey Nos. 368 to 372 within the municipal limits of Navsari, which were purchased between, December 10, 1968, and March 25, 1969. They were purchased for Rs. 16,420 and sold for Rs. 38,001 on January 23, 1969. The assessee had further purchased lands bearing Survey Nos. 349/1, 350, 351, 389, 390, 392 and 393 within the municipal limits of Navsari between December 10, 1968, and April 18, 1969. These lands were purchased for Rs. 26,302 and were sold for Rs. 36,000. The assessee further purchased Survey Nos. 347 and 452 on April 16, 1969, and February 22, 1969, respectively, which were sold on May 9, 1969. They were purchased for Rs. 8,000 and sold f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... business or an adventure in the nature of trade, when he purchased and sold the lands in question, is a reasonable and correct view, looking to the facts and evidence on record. In other words, what we are required to consider is whether the view taken by the Tribunal is on the material on record, reasonable and sustainable, or whether the same is illegal or perverse or the result of non-application of mind or not sustainable for any other similar reason. On the facts of the case and from the material on record, we find that the explanations offered by the assessee for disposing of the lands soon after the purchase are just riot acceptable. The explanation of the assessee in most of the cases is that the lands were "dabhada" lands, on wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rrect. In this context, we also find that the assessee was, at least, so far as the transactions in question are concerned, carrying on business or an adventure in the nature of trade, and that, therefore, the profit which accrued from such transactions would be taxable as business income. In view of our observations made hereinabove, we do not propose to enter into a detailed discussion as to the treatment given by the Tribunal on the material on record and the appreciation of such evidence. Suffice it to say that the conclusions drawn by the Tribunal on the basis of such material is eminently reasonable and sustainable and it cannot be said that the Tribunal erred in law in arriving at such a conclusion. In the aforesaid premises, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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